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Definition
Annual accounts include a balance sheet, and for many companies a profit and loss account and notes, prepared to accounting standards and filed at Companies House each year. They are the official public record of the company's finances — distinct from internal management accounts.
In plain terms
By the time they are filed they can be over a year old, which is why lenders assessing recent performance also ask for management accounts.
Why it matters for your company
Filing them on time — ideally early — is a visible sign of a well-run company and supports your creditworthiness. See filing obligations.
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